Low unemployment, but job worries persist
Summary
Americans’ views of the job market are mixed: They see a greater chance that unemployment will rise, but are also more confident they could find another job if they lost theirs. Employers added 165,000 jobs in October and unemployment remained between 4% and 4.2%, while long-term unemployment and the average time spent unemployed increased.Key Facts
- The perceived chance that unemployment will rise over the next year reached 45.3% in October, its highest level since April 2020, according to a New York Fed survey.
- The perceived chance of finding another job after losing one’s current job rose to 46.5%, its highest level in about a year.
- The perceived probability of losing a job over the next year increased by 0.4 percentage point to 13.9%.
- Employers added 165,000 jobs in October, according to the October jobs report.
- The unemployment rate stayed between 4% and 4.2% for five consecutive months.
- About 2 million Americans had been unemployed for at least six months, more than 25% of all unemployed workers.
- The average unemployment spell reached 27.1 weeks in October, its longest since December 2021.
- New York Fed survey respondents’ inflation expectations were 3.9% over one year, 3.3% over three years and 3% over five years.
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